Following up from Previous STI DIRECTION analysis, STI has indeed manage to break above the 3300 to 3310 huge resistance level last week before moving higher with strength seen in some banks and property counters. Has hit a high of about 3390 yesterday before slight profit taking. Likely support for now would be 3340, 3310 then 3300 level. As it nears these levels, buyers might start to come in and bargain hunt again thus leading to any potential rebound. Resistance to watch would be 3390 – 3400 level. Market might consolidate within the range of 3310 to 3390 for some midcaps and blue chips to play catch up before more upside can be witnessed. Any break above the 3400 level can open the way to 3460 which was the high seen in May last year before dipping.
Sent: Friday, July 11, 2014 1:14 PM
Subject: *************************** STI Direction: Where to now ? Where is the market heading in the coming days, weeks....... ? STI 3289 now.
Subject: *************************** STI Direction: Where to now ? Where is the market heading in the coming days, weeks....... ? STI 3289 now.
US markets has been on a general uptrend since Feb this year with both Dow Jone and S&P 500 breaking new highs recently. However, SGX market has been rather quiet with it trading sideways for about 3 months already since April. Current we are seeing strong support whenever STI touches the 3220 level where buyers will enter to bargain hunt and bring the index higher back up. After 3220 would be 3180 which was holding really well in April. Sti will most likely continue to trade within this range with a resistance formed at 3310 currently where sellers start to emerge for blue chips and banks. Can consider accumulating some good blue chips on dips when STI dips near the 3220 level to ride the rebound phase. Only the upside breakout above 3310 will be a positive for the whole market to move higher to 3350 then 3400…… hopefully after the world cup ends…. J
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